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IGI Laboratories Inc. Appoints New CEO and Controller

IGI Laboratories Inc., a premier provider of topical formulation development, analytical, manufacturing, and packaging services announced that it has named Hem Pandya its new president and chief executive officer, effective June 29, 2009. Joyce Erony, the company’s chairwoman of the board, will act as interim president and interim CEO until such date. In addition, Philip S. Forte will assume the role of corporate controller. Effective immediately, Rajiv Mathur has resigned as CEO and president and as a member of the Board of Directors. Pandya was appointed to the Board of Directors to fill the position vacated by Mathur’s resignation.

"The Board of Directors has accepted Mr. Mathur's resignation and we wish to thank him for his leadership and commitment to IGI," Erony said.

Pandya is an experienced pharmaceutical executive with a broad spectrum of operational and business development experience and strong leadership skills. He is currently employed as chief operating officer of NexMed Inc. Previously, he was senior vice president of business development and strategic alliances for Andrx Pharmaceuticals Inc. Pandya served as vice president of corporate development and commercial operations for Able Laboratories Inc. He also served in various senior management roles with Ivax Pharmaceuticals Inc. and Faulding/Purepac Pharmaceutical Co. (subsequently Alpharma, Inc.). He received his Bachelor's Degree from Rutgers University.

Forte is a financial professional with a 20-year proven track record of creating value in both the financial and operational side of various pharmaceutical businesses. Prior to IGI, Forte was the senior director of finance at Teva Specialty Pharmaceuticals Industries Ltd., in Horsham, Pennsylvania. At Teva, he was responsible for the business financial operations including its strategic business plan and business development initiatives. Prior to Teva, Forte had held various financial roles in corporate and public accounting including Bristol Myers Squibb and Aventis. He received his BBA in Accounting from Bernard M. Baruch and his MBA in finance from Fairleigh Dickinson University.

"On behalf of the Board, I want to welcome Hem Pandya and Philip S. Forte to IGI Laboratories,” said Erony. “Bringing Hem and Phil to the IGI team is an important milestone for the company as we build a strong foundation to emerge as a leader in the growing specialty pharmaceutical market.”

Commenting on his new role, Pandya said, "I am very excited about this opportunity and look forward to working with the Board of Directors in building shareholder value at IGI. With the addition of Phil, our management team is poised to grow IGI and enter the pharmaceutical market. The depth of our OTC product pipeline and product development plan for the prescription business as well as our key partnership activities provide near and long term growth opportunities for our business."